Nifty and Bank Nifty both moved higher in first day of the week. It seems that Bulls are betting aggressively, and Bears are cutting their hands. Whatever the case may be

Nifty Trading Strategy

As we mentioned in our weekly article, traders should wait for 5870 to break. Although looking at yesterday’s price action it seems effortless for Nifty. Above 5870 Nifty has first target of recent swing high of 5975.

In my last post I had clearly mentioned that we can’t overrule the possibility of bounce, and it took place. I had also mentioned about specific levels and strategy, it worked well. (To view click here)

Similarly, Bank Nifty post I have mentioned step by step price point, where to look for and how to look for, barring one fact of opening, Bank Nifty followed rest four conditions perfectly. (To view click here)

Nifty Trading Strategy

In last session Nifty made a high of 6099.90. As I said, I will turn my attention on long side once NIFTY moves above 6120 level. So, it is clear if you see nifty moving above 6120 than go along with only 20-25 point stop loss. If not, than wait for time being.

Tata Steel was consistently falling from the beginning of 2013, till last few days. As depicted in attached chart, prices were falling in a channel and recently it broke out from this channel line, and attempting to move higher. Current pullback is supported by momentum also.

According to my understanding, price correction in Tata Steel can be over; it is very much possible that it may extend in time.